Now that the central banks have had their say, which themes will major forex traders pay attention to? Here are chart levels and potential catalysts for the majors!
1-Hour Charts of the Majors
Purple Line: weekly open prices (WO)
Blue Line: weekly highs and lows (PWH, PWL)
Red Line: top and bottom weekly ATRs (tWATR, bWATR)
Blue MA: 100 SMA
Red MA: 200 SMA
1. Start of Brexit negotiations – It’s Day 1 of Brexit negotiations and while it will be a while before we see concrete results, you can bet that a lot of market players will speculate to death on possible outcomes. Make sure you stick around in case a headline sticks and influences EUR or GBP’s price action!
2. Post-central bank price action – Now that the major central banks have had their say, traders will likely focus on economic data to see if they align with the central bankers’ sentiments.
Shout out to the Fed, which hasn’t quite convinced everybody that there’s reason for another rate hike this year. Oh, and keep an eye on the RBA, BOC, and RBNZ for signs that they’re switching their biases from neutral to hawkish!
P.S.: Remember to never risk more than 1% of a trading account on any single trade and to adjust position sizes accordingly. Create your own ideas and don’t follow what I do. Better yet, read the Risk Disclosure!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.